Quick facts: Springfield, MA

Quick Facts

115.3
Cost of Living
above US average
154,064
Population
32.53
Crime Rate per 1000
above US average
$47,677
Median Income
below US average
$126,500
Median House Price
above US average
$1693
Average Rent
above US average
20%
Poverty Rate
above US average
6.9%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $47,677.

🏠

Income Needed to Buy

βœ“ Affordable
$40k/year
Based on $126,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($47,677) exceeds requirement
🏒

Income Needed to Rent

⚠ Stretch
$73k/year
Based on $1693/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $73k vs median $47,677
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Springfield, MA

Springfield, Massachusetts, is a vibrant city located in the western part of the state along the Connecticut River. Known as the birthplace of basketball, Springfield hosts the Basketball Hall of Fame, attracting sports enthusiasts from all over. The city is rich in history and culture, with numerous museums, parks, and family-friendly attractions. One notable feature is the Dr. Seuss National Memorial Sculpture Garden, celebrating the beloved children's author who grew up here. Springfield also boasts the stunning Forest Park, which spans 735 acres and includes botanical gardens, picnic areas, and walking trails. The city serves as an economic and educational hub in the region, home to several colleges, including Springfield College and Western New England University. The local economy is diverse, with sectors like healthcare, education, and manufacturing playing significant roles. Cultural events are abundant, from the annual Big E fairβ€”a New England traditionβ€”to various festivals celebrating the community's rich diversity. With its blend of history, culture, and recreational opportunities, Springfield offers a unique and engaging experience for residents and visitors alike.

πŸ” Search & Compare Places

First Location πŸ“